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European Investment Bank (EIB) and Indian Renewable Energy Development Agency (IREDA) Ltd. have signed a loan agreement for a second line of credit (LoC) of Euro 150 million on non-sovereign basis here, today. The line of credit is for tenure of 15 years including a grace period of 3 years, and it will be used for financing Renewable Energy and Energy Efficiency projects in India. More than 1.1 million households are expected to benefit from clean energy produced with these funds.

The loan agreement was signed by Shri K S Popli, Chairman and Managing Director, IREDA and Mr. W. Hoyer, President, EIB in the presence of Shri R K Singh, Union Minister of State (IC) Power and New & Renewable Energy and Shri Anand Kumar, Secretary, MNRE.

Speaking about India’s fascinating journey to electrify every single village, Shri R K Singh said, “There are villages in Ladakh and Arunachal Pradesh where you track on foot for three to four days to reach. Our aim is to bring electricity to even these remote places…. We have decided to go green, as we have a responsibility to future generations and the planet.” Highlighting the fact that renewable energy (RE) has now become economically viable, he said that companies bidding for RE projects are getting funds from all over the world…. Today, many countries want us to share our experience in this field.”

Shri Anand Kumar, Secretary, MNRE said that two factors- efficient technology and easy finance, are important for the success of renewable energy sector. He expressed confidence that India will exceed its target of 175 GW renewable energy by 2022.